The producer who has worked on blockbusters such as Martin Scorsese’s “The Irishman” has announced that he will create the feature film that is funded entirely by non-fungible tokens (NFTs).
Producer Niels Juul has started his own production company TVN Studios to fund a series of films, and it aims to raise $ 8-10 million in funding by selling 10,000 NFTs to the public and institutional investors.
“As a producer my biggest frustration comes from the financial side, it’s a hardship,” Juul said. The Guardian in an interview. “Studios mostly make big franchise movies, an independent movie can take years and years. It is difficult to get investors for films and productions, especially at the development stage, with the Hollywood system. We want to democratize it.
NFT A special type of token that contains credentials saved in smart contracts on the Ethereum blockchain but cannot be traded like other cryptocurrencies that are fungible. This is a digital certificate proving that you own something, in this case part of a movie. The NFT market is currently valued at $ 1 billion.
Juul has announced that his company’s first film, “A Wing and a Prayer,” is set to premiere in April in Malta and London, and that a transatlantic premiere is slated for September.
According to The Guardian, the film tells the true story of Briton Brian Milton, who retraced Phileas Fogg’s world tour in a microlight after taking a bet at the Reform Club, which also included the fictional character of Jules Verne.